ArcelorMittal has transferred Rs 7,000 crore to an escrow account controlled by State Bank of India to become eligible to bid for Essar Steel Ltd., currently undergoing insolvency proceedings. The funds will be used to extinguish any outstanding dues in Uttam Galva Steels Ltd. and KSS Petron Ltd., two people aware of the matter said…
Drivers in their thousands have been left without insurance cover after insurance firm Alpha announced it had gone bust. The drivers insured with their UK brands, Cover My Cab and Protector, received a text message stating: “Your taxi insurance policy with Alpha Insurance is cancelled with immediate effect.” The text meant thousands of taxi drivers…
A RECORD number of West Australians have been forced into bankruptcy or had to strike debt deals with creditors in a sign of the continuing tough situation facing the State. New figures from the Australian Financial Security Authority revealed a spike in bankruptcies across WA in the three months to the end of March. During…
Tuesday 15 May 2018 Article by Ben Tosi Running your own cafe, florist, butcher or boutique fashion store can be stressful enough without having to worry about being paid on-time. So to take the stress out of small business, MYOB and BPAY have today announced a partnership that will speed up your payments. The collaboration…
Troubled Argentine downstream firm Oil Combustibles has been declared bankrupt, but will continue operations for 30 days while YPF, Trafigura and … Subscriber-Only Content BNamericas develops thousands of news articles, analyses and features every month, always concentrating on how to make or save money in Latin American business. Unique ContentUp-to-the-minute and field-proven industry news in…
Many celebrities go from being rich and famous to being involved in lawsuits or spending sprees that trigger bankruptcy. One president was broke after leaving the Oval Office, and he had a famous author (who also went broke) write his memoirs. MC Hammer, Meat Loaf, and 50 Cent all went from being top musicians with…
The Insolvency and Bankruptcy Code (IBC), 2016 no doubt is a path-breaking initiative in the whole reform process. Not surprisingly, it has triggered huge debate and one of the key grey areas that had emerged in a recent cases pertained to rights of the customers in an insolvency process. The Supreme Court had reportedly indicated…
Drivers in their thousands have been left without insurance cover after insurance firm Alpha announced it had gone bust. The drivers insured with their UK brands, Cover My Cab and Protector, received a text message stating: “Your taxi insurance policy with Alpha Insurance is cancelled with immediate effect.” The text meant thousands of taxi drivers…
BEGBIES Traynor has appointed Adam Southard as a director of its Edinburgh office. Mr Southard, pictured, has joined from Invocas Financial, where he spent the last five years as an insolvency practitioner. He had previously worked for Kroll (now Alix Partners), where he gained experience of working on large and complex administrations. In his new…
US President Donald Trump appears to have given Chinese Company ZTE, who last week saw their products dropped by Telstra, a lifeline after he suddenly over the weekend and after, a discussion with Chinese President Xi of decided to intervene in his commerce departments decision to ban the Chinese telco who has been exposed for…